United Bank Acquires New Shares in Wells Fargo & Company (NYSE:WFC)

United Bank purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,357 shares of the financial services provider’s stock, valued at approximately $236,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brandywine Global Investment Management LLC grew its stake in shares of Wells Fargo & Company by 0.6% during the 4th quarter. Brandywine Global Investment Management LLC now owns 3,107,610 shares of the financial services provider’s stock valued at $218,279,000 after buying an additional 18,214 shares during the period. RWA Wealth Partners LLC lifted its stake in shares of Wells Fargo & Company by 8.0% during the fourth quarter. RWA Wealth Partners LLC now owns 19,291 shares of the financial services provider’s stock worth $1,355,000 after purchasing an additional 1,427 shares in the last quarter. C2C Wealth Management LLC lifted its position in Wells Fargo & Company by 3.1% during the 4th quarter. C2C Wealth Management LLC now owns 13,261 shares of the financial services provider’s stock worth $931,000 after acquiring an additional 400 shares in the last quarter. American Money Management LLC grew its stake in shares of Wells Fargo & Company by 6.0% during the fourth quarter. American Money Management LLC now owns 36,706 shares of the financial services provider’s stock valued at $2,578,000 after acquiring an additional 2,080 shares in the last quarter. Finally, L & S Advisors Inc acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $9,648,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 7.5 %

Shares of WFC stock traded down $5.39 during mid-day trading on Thursday, reaching $66.87. 13,140,653 shares of the company’s stock traded hands, compared to its average volume of 17,093,658. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company’s 50-day moving average price is $75.50 and its 200-day moving average price is $70.43. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company has a market cap of $218.34 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period last year, the company earned $0.86 EPS. The company’s revenue for the quarter was down .5% on a year-over-year basis. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.39%. Wells Fargo & Company’s payout ratio is 29.74%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on WFC shares. Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Citigroup reduced their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Truist Financial boosted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Morgan Stanley set a $79.00 target price on Wells Fargo & Company in a research note on Monday, March 24th. Finally, The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average price target of $75.55.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.